What is a Lifestyle Spending Account (LSA)?
A lifestyle spending account (LSA) is an employer-funded, post-tax spending account, with eligible expenses and plan details customized by the employer. An LSA promotes healthy habits and overall well-being.
Eligible expenses can include the following.*
Physical
Athletic + exercise equipment
Gym, health club, spa, and fitness studio memberships
Fitness classes + lessons
Personal trainer, fitness trackers
Entry fees (i.e. marathon) + passes (i.e. ski, golf)
Financial
Student loan reimbursement
Home purchase expense reimbursement
Financial advisor + planning services
Financial seminars + classes
Identity theft services
Pet insurance premiums
Emotional / Other
Non-medical counseling services
Retreats (i.e. leadership, spiritual)
Camping supplies
Meditation + personal development classes (i.e. art, cooking)
Annual park pass, hunting, and fishing licenses
*Eligible expenses vary based on each employer’s unique plan design.
Lifestyle Spending Accounts from WEX
From streamlining your workflow, to creating personalized experiences for participants, WEX simplifies LSAs for everyone.
Why WEX?
Manage everything in one place.
Create a benefit offering that works for your book of business and manage it all in ONE place (including FSA, HSA, HRA, commuter, COBRA, direct bill, and more).
Streamline and optimize your business.
Access innovative features such as Let’s Chat (an AI-driven chatbot), Benefit Analytics, and consulting services to drive efficiencies and grow your business.
Why WEX?
Create a better user experience.
90% of our clients chose us for their administration when looking for a better experience for themselves and their employees.
Trust us to reduce confusion.
In 2020, we grew our participant base by 23%, yet saw a decline in the number of participants contacting us for support.
Drive efficiencies by leveraging our integrations.
WEX engages with 350+ payroll/HRIS/benefit administration partners and more than 225 insurance carriers.
Why WEX?
Simplify your workflow.
Our intuitive benefits platform allows you to view and update participant accounts, view reporting, and upload files in one place.
Drive efficiencies by using our integrations.
WEX engages with 350+ payroll/HRIS/benefit administration partners and more than 225 insurance carriers.
Create a consistent, user-friendly experience for your employees.
We’re talking one modern, user-friendly online account, one debit card for all their benefits (that they can add to their digital wallet and use with mobile pay), and one mobile app to easily track and manage their benefits even when they are on the go.
Why WEX?
Easily track and manage your LSA via mobile.
We manage almost all aspects of our lives from the palms of our hands. The WEX benefits mobile app was built with that in mind, and includes a consistent, simple, and modern experience. Whether you’re logging in from your phone or from your computer, you can expect the same user-friendly experience.
ONE debit card for your LSA … and all your other benefits.
Spend the funds in your LSA (and other benefit accounts) using your smart benefits debit card.
* Varies based on LSA plan design
Get help when you need it.
Question about your benefits? Contact our service experts.
Build Your Custom LSA with WEX
Easily offer a flexible, customizable lifestyle spending account your clients want AND simplify the participant experience, while easily managing your entire offering in one place.
Easily Create and Offer an LSA
Build an LSA that works best for you (and your clients).
No matter how you want to set up your lifestyle spending account (from the categories you want to cover, to what merchant networks you include, to the flexible reimbursement options you offer, to whether or not you require substantiation), you can create a custom LSA that makes sense for you.
Stack your LSA on the debit card with other health + commuter offerings.
Keep your participant experience simple by easily stacking the LSA onto the same benefits card they already are using for their health + commuter accounts.
*Varies based on LSA plan design
Get help from experts along the way.
Need guidance on what options would work best for your market? Or insight into how lifestyle spending accounts can be customized? We’re here to help.
Simplify the LSA Experience for Your Participants
ONE debit card for all benefits accounts.
No matter what accounts a participant enrolls in (HSA, FSA, LSA, HRA, commuter benefits, or a combination), they only need one debit card because our technology can pull from the right account (at the right percentage) based on their purchase. Plus, participants can even add their debit card to their mobile wallet to take advantage of contactless payment options.
*Varies by LSA
ONE online account to access health and commuter benefits.
No more jumping from screen to screen (and having to remember multiple logins) to keep track of multiple benefit accounts. With WEX, participants only need one online account to manage their health (LSA, HSA, FSA, HRA) and commuter benefits.
ONE mobile app to access their benefits on-the-go.
We manage almost all aspects of our lives from the palms of our hands. The WEX benefits mobile app was built with that in mind, and includes a consistent, simple, and modern experience. And when you’re using a desktop, you can expect the same user-friendly experience.
Want More Information?
Download our LSA handout, subscribe to our blog, and listen to our podcast.
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